WYNN

The following discussion should be read in conjunction with, and is qualified in its entirety by, the unaudited condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements appearing in our Annual Report on Form 10-K for the year ended December 31, 2025. Unless the context otherwise requires, all references herein to the "Company," "we," "us," or "our," or similar terms, refer to Wynn Resorts, Limited, a Nevada corporation, and its consolidated subsidiaries. This discussion and analysis contains forward-looking statements. Please refer to the section below entitled "Forward-Looking Statements." Forward-Looking Statements We make forward-looking statements in this Quarterly Report on Form 10-Q based upon the beliefs and assumptions of our management and on information currently available to us. Forward-looking statements include, but are not limited to, information about our business strategy, development activities, competition and possible or assumed future results of operations, throughout this report and are often preceded by, followed by or include the words "may," "will," "should," "would," "could," "believe," "expect," "anticipate," "estimate," "intend," "plan," "continue" or the negative of these terms or similar expressions. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those we express in these forward-looking statements, including the risks and uncertainties in Item 1A — "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2025 and other factors we describe from time to time in our periodic filings with the Securities and Exchange Commission ("SEC"), such as: •extensive regulation of our business and the cost of compliance or failure to comply with applicable laws and regulations; •pending or future investigations, litigation and other disputes; •our dependence on key managers and employees; •our ability to maintain our gaming licenses and concessions and comply with applicable gaming law; •international relations, national security policies, anticorruption campaigns and other geopolitical events, which may impact the number of visitors to our properties and the amount of money they are willing to spend; •disruptions caused by, and the impact on regional demand for casino resorts and inbound tourism and the travel and leisure industry more generally from, events outside of our control, including an outbreak of an infectious disease, public incidents of violence, mass shootings, riots, demonstrations, extreme weather patterns or natural disasters, military conflicts, civil unrest, and any future security alerts or terrorist attacks; •public perception of our resorts and the level of service we provide; •our dependence on a limited number of resorts and locations for all of our cash flow and our subsidiaries' ability to pay us dividends and distributions; •competition in the casino/hotel and resort industries and actions taken by our competitors, including new development and construction activities of competitors; •our ability to maintain our customer relationships and collect and enforce gaming receivables; •win rates for our gaming operations; •construction, regulatory and other macroeconomic or geopolitical risks associated with our current and future construction projects or co-investments in such projects; •any violations by us of various anti-money laundering laws or the Foreign Corrupt Practices Act; •our compliance with environmental requirements and potential cleanup responsibility and liability as an owner or operator of property; •adverse incidents or adverse publicity concerning our resorts or our corporate responsibilities; •changes in and compliance with the gaming laws or regulations in the various jurisdictions in which we operate; •changes in tax laws or regulations related to taxation, including changes in the rates of taxation; •our collection and use of personal data and our level of compliance with applicable governmental regulations, credit card industry standards and other applicable data security standards; •cybersecurity risk, including cyber and physical security breaches, system failure, computer viruses, and negligent or intentional misuse by customers, company employees, or employees of third-party vendors; •our ability to protect our intellectual property rights; •labor actions and other labor problems; 27 Table of Contents •our current and future insurance coverage levels; •risks specifically associated with our Macau Operations; •the level of our indebtedness and our ability to meet our debt service obligations (including sensitivity to fluctuations in interest rates); and •continued compliance with the covenants in our debt agreements. Further information on potential factors that could affect our business, financial condition, results of operations and cash flows are included elsewhere in this report and our other filings with the SEC. You should not place undue reliance on any forward-looking statements, which are based only on information available to us at the time this statement is made. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. Overview We are a designer, developer, and operator of integrated resorts featuring luxury hotel rooms, high-end retail space, an array of dining and entertainment options, meeting and convention facilities, and gaming, all supported by an unparalleled focus on our guests, our people, and our community. Through our approximately 72% ownership of Wynn Macau, Limited ("WML"), our concessionaire Wynn Resorts (Macau) S.A. ("Wynn Macau SA") operates two integrated resorts in the Macau Special Administrative Region of the People's Republic of China ("Macau"), Wynn Palace and Wynn Macau (collectively, our "Macau Operations"). In Las Vegas, Nevada, we operate and, with the exception of certain retail space, own 100% of Wynn Las Vegas. We are a 50.1% owner and managing member of a joint venture that owns and leases certain retail space at Wynn Las Vegas (the "Retail Joint Venture"). We refer to Wynn Las Vegas, Encore, an expansion at Wynn Las Vegas, and the Retail Joint Venture as our Las Vegas Operations. In Everett, Massachusetts, we operate Encore Boston Harbor, an integrated resort. The Company has a 40% equity interest in Island 3 AMI FZ-LLC ("Island 3") and affiliated ventures (collectively, the "Al Marjan Joint Venture"), which is constructing an integrated resort property ("Wynn Al Marjan Island") in Ras Al Khaimah, United Arab Emirates. Key Operating Measures Certain key operating measures specific to the gaming industry are included in our discussion of our operational performance for the periods for which the Condensed Consolidated Statements of Operations are presented. These key operating measures are presented as supplemental disclosures because management and/or certain investors use these measures to better understand period-over-period fluctuations in our casino and hotel operating revenues. These key operating measures are defined below: •Table drop in mass market for our Macau Operations is the amount of cash that is deposited in a gaming table's drop box plus cash chips purchased at the casino cage. •Table drop for our Las Vegas Operations is the amount of cash and net markers issued that are deposited in a gaming table's drop box. •Table drop for Encore Boston Harbor is the amount of cash and gross markers issued that are deposited in a gaming table's drop box. •Rolling chips are non-negotiable identifiable chips that are used to track turnover for purposes of calculating incentives within our Macau Operations' VIP program. •Turnover is the sum of all losing rolling chip wagers within our Macau Operations' VIP program. •Table games win is the amount of table drop or turnover that is retained and recorded as casino revenues. Table games win is before discounts, commissions and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis. Table games win does not include poker rake. •Slot machine win is the amount of handle (representing the total amount wagered) that is retained by us and is recorded as casino revenues. Slot machine win is after adjustment for progressive accruals and free play, but before discounts and the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis. •Poker rake is the portion of cash wagered by patrons in our poker rooms that is retained by the casino as a service fee, after adjustment for progressive accruals, but before the allocation of casino revenues to rooms, food and beverage and other revenues for services provided to casino customers on a complimentary basis. Poker tables are not included in our measure of average number of table games. 28 Table of Contents •Average daily rate ("ADR") is calculated by dividing total room revenues, including complimentaries (less service charges, if any), by total rooms occupied. •Revenue per available room ("REVPAR") is calculated by dividing total room revenues, including complimentaries (less service charges, if any), by total rooms available. •Occupancy is calculated by dividing total occupied rooms, including complimentary rooms, by the total rooms available. Below is a discussion of the methodologies used to calculate win percentages at our resorts. In our mass market operations in Macau, customers may purchase cash chips at either the gaming tables or at the casino cage. The measurements from our VIP and mass market operations are not comparable as the measurement method used in our mass market operations tracks the initial purchase of chips at the table and at the casino cage, while the measurement method from our VIP operations tracks the sum of all losing wagers. Accordingly, the base measurement from the VIP operations is much larger than the base measurement from the mass market operations. As a result, the expected win percentage with the same amount of gaming win is lower in the VIP operations when compared to the mass market operations. In our VIP operations in Macau, customers primarily purchase rolling chips from the casino cage and can only use them to make wagers. Winning wagers are paid in cash chips. The loss of the rolling chips in the VIP operations is recorded as turnover and provides a base for calculating VIP win percentage. It is customary in Macau to measure VIP play using this rolling chip method. We typically expect our win as a percentage of turnover from these operations to be within the range of 3.1% to 3.4%. In Las Vegas, customers purchase chips at the gaming tables in exchange for cash and markers. Customers may then redeem markers at the gaming tables or at the casino cage. The cash and markers, net of redemptions, used to purchase chips are deposited in the gaming table's drop box. This is the base of measurement that we use for calculating win percentage. Each type of table game has its own theoretical win percentage. Our expected table games win percentage is 22% to 26%. At Encore Boston Harbor, customers purchase chips at the gaming tables in exchange for cash and markers. Customers may then redeem markers only at the casino cage. The cash and gross markers used to purchase chips are deposited in the gaming table's drop box. This is the base of measurement that we use for calculating win percentage. Each type of table game has its own theoretical win percentage. Our expected table games win percentage is 18% to 22%. Results of Operations Summary of second quarter 2026 results The following table summarizes our financial results for the periods presented (dollars in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change 2026 2025 Increase/ (Decrease) Percent Change Operating revenues $ 1,856,933 $ 1,737,797 $ 119,136 6.9 $ 3,713,695 $ 3,438,194 $ 275,501 8.0 Net income attributable to Wynn Resorts, Limited 140,062 66,218 73,844 111.5 260,516 138,965 121,551 87.5 Diluted net income per share 1.32 0.64 0.68 106.3 2.36 1.33 1.03 77.4 The increase in operating revenues for the three months ended June 30, 2026 was largely driven by increased casino revenues of $116.1 million at Wynn Palace as a result of higher mass market table games volume and win. The increase in net income attributable to Wynn Resorts, Limited for the three months ended June 30, 2026 was primarily attributable to a $33.0 million increase in operating income, largely due to higher casino revenues partially offset by casino expenses. In addition, we recorded a gain in change in derivatives fair value of $43.3 million in the three months ended June 30, 2026 compared to a loss in change in derivatives fair value of $1.1 million in the three months ended June 30, 2025. 29 Table of Contents Financial results for the three months ended June 30, 2026 compared to the three months ended June 30, 2025 Operating revenues The following table presents our operating revenues (dollars in thousands): Three Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change Operating revenues Macau Operations: Wynn Palace $ 653,399 $ 539,641 $ 113,758 21.1 Wynn Macau 351,086 343,813 7,273 2.1 Total Macau Operations 1,004,485 883,454 121,031 13.7 Las Vegas Operations 643,168 638,633 4,535 0.7 Encore Boston Harbor 209,280 215,710 (6,430) (3.0) $ 1,856,933 $ 1,737,797 $ 119,136 6.9 The following table presents our casino and non-casino operating revenues (dollars in thousands): Three Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change Operating revenues Casino revenues $ 1,175,288 $ 1,051,834 $ 123,454 11.7 Non-casino revenues: Rooms 290,303 291,053 (750) (0.3) Food and beverage 264,344 261,057 3,287 1.3 Entertainment, retail and other 126,998 133,853 (6,855) (5.1) Total non-casino revenues 681,645 685,963 (4,318) (0.6) $ 1,856,933 $ 1,737,797 $ 119,136 6.9 Casino revenues for the three months ended June 30, 2026 were 63.3% of operating revenues, compared to 60.5% for the same period of 2025. Non-casino revenues for the three months ended June 30, 2026 were 36.7% of operating revenues, compared to 39.5% for the same period of 2025. Casino revenues Casino revenues increased primarily due to higher mass market table games volume and win at Wynn Palace. 30 Table of Contents The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day): Three Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change Macau Operations: Wynn Palace: Total casino revenues $ 564,356 $ 448,298 $ 116,058 25.9 VIP: Average number of table games 47 52 (5) (9.6) VIP turnover $ 2,767,504 $ 4,071,052 $ (1,303,548) (32.0) VIP table games win $ 82,313 $ 116,471 $ (34,158) (29.3) VIP win as a % of turnover 2.97 % 2.86 % 0.11 Table games win per unit per day $ 19,174 $ 24,438 $ (5,264) (21.5) Mass market: Average number of table games 287 249 38 15.3 Table drop $ 1,899,985 $ 1,844,054 $ 55,931 3.0 Table games win $ 563,348 $ 411,604 $ 151,744 36.9 Table games win % 29.7 % 22.3 % 7.4 Table games win per unit per day $ 21,590 $ 18,171 $ 3,419 18.8 Average number of slot machines 721 627 94 15.0 Slot machine handle $ 960,344 $ 757,815 $ 202,529 26.7 Slot machine win $ 40,695 $ 32,482 $ 8,213 25.3 Slot machine win per unit per day $ 620 $ 569 $ 51 9.0 Wynn Macau: Total casino revenues $ 300,726 $ 293,380 $ 7,346 2.5 VIP: Average number of table games 10 21 (11) (52.4) VIP turnover $ 428,101 $ 981,735 $ (553,634) (56.4) VIP table games win $ 11,044 $ 33,438 $ (22,394) (67.0) VIP win as a % of turnover 2.58 % 3.41 % (0.83) Table games win per unit per day $ 11,576 $ 17,571 $ (5,995) (34.1) Mass market: Average number of table games 213 231 (18) (7.8) Table drop $ 1,751,881 $ 1,617,756 $ 134,125 8.3 Table games win $ 300,200 $ 280,836 $ 19,364 6.9 Table games win % 17.1 % 17.4 % (0.3) Table games win per unit per day $ 15,453 $ 13,346 $ 2,107 15.8 Average number of slot machines 922 751 171 22.8 Slot machine handle $ 1,190,692 $ 1,009,092 $ 181,600 18.0 Slot machine win $ 34,925 $ 25,193 $ 9,732 38.6 Slot machine win per unit per day $ 416 $ 369 $ 47 12.7 31 Table of Contents Three Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change Las Vegas Operations: Total casino revenues $ 158,104 $ 148,502 $ 9,602 6.5 Average number of table games 242 232 10 4.3 Table drop $ 638,243 $ 609,232 $ 29,011 4.8 Table games win $ 152,660 $ 132,975 $ 19,685 14.8 Table games win % 23.9 % 21.8 % 2.1 Table games win per unit per day $ 6,922 $ 6,300 $ 622 9.9 Average number of slot machines 1,558 1,564 (6) (0.4) Slot machine handle $ 1,813,124 $ 1,760,253 $ 52,871 3.0 Slot machine win $ 117,009 $ 123,606 $ (6,597) (5.3) Slot machine win per unit per day $ 825 $ 868 $ (43) (5.0) Poker rake $ 7,712 $ 8,103 $ (391) (4.8) Encore Boston Harbor: Total casino revenues $ 152,102 $ 161,654 $ (9,552) (5.9) Average number of table games 172 172 — — Table drop $ 348,381 $ 338,184 $ 10,197 3.0 Table games win $ 62,913 $ 72,016 $ (9,103) (12.6) Table games win % 18.1 % 21.3 % (3.2) Table games win per unit per day $ 4,021 $ 4,601 $ (580) (12.6) Average number of slot machines 2,570 2,718 (148) (5.4) Slot machine handle $ 1,391,561 $ 1,365,349 $ 26,212 1.9 Slot machine win $ 110,444 $ 109,472 $ 972 0.9 Slot machine win per unit per day $ 472 $ 443 $ 29 6.5 Poker rake $ 5,530 $ 5,430 $ 100 1.8 32 Table of Contents Non-casino revenues The table below sets forth our room revenues and associated key operating measures: Three Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change Macau Operations: Wynn Palace: Total room revenues (dollars in thousands) $ 36,188 $ 38,481 $ (2,293) (6.0) Occupancy 98.9 % 98.7 % 0.2 ADR $ 219 $ 232 $ (13) (5.6) REVPAR $ 216 $ 229 $ (13) (5.7) Wynn Macau: Total room revenues (dollars in thousands) $ 20,907 $ 21,742 $ (835) (3.8) Occupancy 99.3 % 99.4 % (0.1) ADR $ 209 $ 216 $ (7) (3.2) REVPAR $ 208 $ 215 $ (7) (3.3) Las Vegas Operations: Total room revenues (dollars in thousands) $ 208,132 $ 207,981 $ 151 0.1 Occupancy 87.1 % 89.2 % (2.1) ADR $ 575 $ 548 $ 27 4.9 REVPAR $ 501 $ 489 $ 12 2.5 Encore Boston Harbor: Total room revenues (dollars in thousands) $ 25,076 $ 22,849 $ 2,227 9.7 Occupancy 92.7 % 92.9 % (0.2) ADR $ 445 $ 405 $ 40 9.9 REVPAR $ 412 $ 376 $ 36 9.6 Room and food and beverage revenues for the three months ended June 30, 2026 were comparable to the three months ended June 30, 2025. Entertainment, retail and other revenues decreased $6.9 million, primarily as a result of lower entertainment venue sales at our Las Vegas Operations. 33 Table of Contents Operating expenses The table below presents operating expenses (dollars in thousands): Three Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change Operating expenses: Casino $ 721,384 $ 643,108 $ 78,276 12.2 Rooms 88,569 86,042 2,527 2.9 Food and beverage 236,642 224,400 12,242 5.5 Entertainment, retail and other 51,390 58,041 (6,651) (11.5) General and administrative 270,115 280,815 (10,700) (3.8) Provision for credit losses 6,930 3,353 3,577 NM Pre-opening 9,232 11,286 (2,054) (18.2) Depreciation and amortization 165,421 152,907 12,514 8.2 Property charges and other 9,662 13,245 (3,583) (27.1) Total operating expenses $ 1,559,345 $ 1,473,197 $ 86,148 5.8 NM - Not meaningful. The increase in total operating expenses was primarily due to the increase in casino expenses at our Macau Operations, largely driven by an increase in gaming tax expense, and an increase in food and beverage expense at our Las Vegas Operations. Casino expense increased $68.1 million and $5.9 million at Wynn Palace and Wynn Macau, respectively, which includes increases of $53.7 million and $2.2 million in gaming tax expense at Wynn Palace and Wynn Macau, respectively. Food and beverage expense increased $6.8 million at our Las Vegas Operations largely due to costs associated with new food and beverage offerings. Entertainment, retail and other expense decreased $4.7 million at our Las Vegas Operations due to a reduction in entertainment venue offerings. Depreciation and amortization expense increased $12.5 million, which includes increases across all of our properties, resulting from enhancements to our properties and maintenance capital expenditures. Property charges and other expenses for the three months ended June 30, 2026 consisted primarily of asset abandonments and disposals of $4.0 million and $1.1 million at our Las Vegas Operations and our Macau Operations, respectively, and contract termination costs of $3.3 million and $1.1 million at our Macau Operations and our Las Vegas Operations, respectively. Property charges and other expenses for the three months ended June 30, 2025 consisted primarily of asset abandonments and disposals of $2.3 million and $1.5 million at our Macau Operations and Corporate and other, respectively, and $6.3 million of contract termination and other costs at our Las Vegas Operations. 34 Table of Contents Other non-operating income and expenses Interest expense, net of amounts capitalized, decreased $2.4 million. We capitalized interest of $17.9 million and $10.9 million in the three months ended June 30, 2026 and 2025, respectively. Interest expense, exclusive of capitalized interest, increased $4.6 million, primarily due to an increase in the weighted average interest rate from 6.03% for the three months ended June 30, 2025 to 6.17% for the three months ended June 30, 2026. We recorded interest income of $12.8 million and $15.9 million in the three months ended June 30, 2026 and 2025, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions. We incurred foreign currency remeasurement losses of $2.7 million and $36.2 million for the three months ended June 30, 2026 and 2025, respectively. The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods. We recorded a gain of $43.3 million for the three months ended June 30, 2026, from change in derivatives fair value, which includes a gain of $35.9 million related to foreign currency swaps and a gain of $7.0 million related to the conversion feature on the WML Convertible Bonds. We recorded a loss of $1.1 million for the three months ended June 30, 2025, from change in derivatives fair value, which includes a gain of $6.0 million related to the conversion feature on the WML Convertible Bonds and a loss of $5.3 million related to foreign currency swaps. For more information on the Company's derivative instruments, refer to Item 1—"Notes to Condensed Consolidated Financial Statements," Note 7, "Derivative Instruments." Income taxes We recorded income tax expense of $16.2 million and $10.6 million for the three months ended June 30, 2026 and 2025, respectively, primarily related to our U.S.-based operating profits. Net income attributable to noncontrolling interests We recognized net income attributable to noncontrolling interests of $42.5 million for the three months ended June 30, 2026, primarily related to the noncontrolling interests' share of net income from WML. We recognized net income attributable to noncontrolling interests of $10.7 million for the three months ended June 30, 2025, primarily related to the noncontrolling interest's share of net income in the Retail Joint Venture. 35 Table of Contents Financial results for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 Operating revenues The following table presents our operating revenues (dollars in thousands): Six Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change Operating revenues Macau Operations: Wynn Palace $ 1,312,737 $ 1,075,570 $ 237,167 22.1 Wynn Macau 680,938 673,773 7,165 1.1 Total Macau Operations 1,993,675 1,749,343 244,332 14.0 Las Vegas Operations 1,305,077 1,263,918 41,159 3.3 Encore Boston Harbor 414,943 424,933 (9,990) (2.4) $ 3,713,695 $ 3,438,194 $ 275,501 8.0 The following table presents our casino and non-casino operating revenues (dollars in thousands): Six Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change Operating revenues Casino revenues $ 2,352,521 $ 2,092,264 $ 260,257 12.4 Non-casino revenues: Rooms 580,684 565,574 15,110 2.7 Food and beverage 523,363 510,936 12,427 2.4 Entertainment, retail and other 257,127 269,420 (12,293) (4.6) Total non-casino revenues 1,361,174 1,345,930 15,244 1.1 $ 3,713,695 $ 3,438,194 $ 275,501 8.0 Casino revenues for the six months ended June 30, 2026 were 63.3% of operating revenues, compared to 60.9% for the same period of 2025. Non-casino revenues for the six months ended June 30, 2026 were 36.7% of operating revenues, compared to 39.1% for the same period of 2025. 36 Table of Contents Casino revenues Casino revenues increased primarily due to higher mass market gaming volumes at our Macau Operations and higher table games win at our Las Vegas Operations during the six months ended June 30, 2026. The table below sets forth our casino revenues and associated key operating measures (dollars in thousands, except for win per unit per day): Six Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change Macau Operations: Wynn Palace: Total casino revenues $ 1,129,273 $ 892,806 $ 236,467 26.5 VIP: Average number of table games 49 54 (5) (9.3) VIP turnover $ 7,083,818 $ 8,076,093 $ (992,275) (12.3) VIP table games win $ 216,555 $ 221,003 $ (4,448) (2.0) VIP win as a % of turnover 3.06 % 2.74 % 0.32 Table games win per unit per day $ 24,589 $ 22,735 $ 1,854 8.2 Mass market: Average number of table games 281 248 33 13.3 Table drop $ 3,871,036 $ 3,548,452 $ 322,584 9.1 Table games win $ 1,087,145 $ 833,996 $ 253,149 30.4 Table games win % 28.1 % 23.5 % 4.6 Table games win per unit per day $ 21,392 $ 18,566 $ 2,826 15.2 Average number of slot machines 722 638 84 13.2 Slot machine handle $ 1,820,867 $ 1,492,685 $ 328,182 22.0 Slot machine win $ 76,151 $ 61,838 $ 14,313 23.1 Slot machine win per unit per day $ 582 $ 535 $ 47 8.8 Wynn Macau: Total casino revenues $ 577,458 $ 568,930 $ 8,528 1.5 VIP: Average number of table games 11 25 (14) (56.0) VIP turnover $ 1,013,987 $ 2,418,782 $ (1,404,795) (58.1) VIP table games win $ 13,321 $ 49,152 $ (35,831) (72.9) VIP win as a % of turnover 1.31 % 2.03 % (0.72) Table games win per unit per day $ 6,505 $ 10,777 $ (4,272) (39.6) Mass market: Average number of table games 216 226 (10) (4.4) Table drop $ 3,655,442 $ 3,160,641 $ 494,801 15.7 Table games win $ 588,325 $ 569,385 $ 18,940 3.3 Table games win % 16.1 % 18.0 % (1.9) Table games win per unit per day $ 15,025 $ 13,916 $ 1,109 8.0 Average number of slot machines 916 740 176 23.8 Slot machine handle $ 2,429,785 $ 1,862,499 $ 567,286 30.5 Slot machine win $ 71,138 $ 49,560 $ 21,578 43.5 Slot machine win per unit per day $ 429 $ 370 $ 59 15.9 37 Table of Contents Six Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change Las Vegas Operations: Total casino revenues $ 336,295 $ 309,495 $ 26,800 8.7 Average number of table games 242 234 8 3.4 Table drop $ 1,323,544 $ 1,201,759 $ 121,785 10.1 Table games win $ 325,065 $ 277,036 $ 48,029 17.3 Table games win % 24.6 % 23.1 % 1.5 Table games win per unit per day $ 7,426 $ 6,538 $ 888 13.6 Average number of slot machines 1,566 1,577 (11) (0.7) Slot machine handle $ 3,628,604 $ 3,538,339 $ 90,265 2.6 Slot machine win $ 237,344 $ 246,850 $ (9,506) (3.9) Slot machine win per unit per day $ 837 $ 865 $ (28) (3.2) Poker rake $ 11,511 $ 12,434 $ (923) (7.4) Encore Boston Harbor: Total casino revenues $ 309,495 $ 321,033 $ (11,538) (3.6) Average number of table games 172 172 — — Table drop $ 672,657 $ 678,246 $ (5,589) (0.8) Table games win $ 128,336 $ 141,898 $ (13,562) (9.6) Table games win % 19.1 % 20.9 % (1.8) Table games win per unit per day $ 4,123 $ 4,558 $ (435) (9.5) Average number of slot machines 2,676 2,718 (42) (1.5) Slot machine handle $ 2,736,640 $ 2,722,548 $ 14,092 0.5 Slot machine win $ 220,024 $ 216,954 $ 3,070 1.4 Slot machine win per unit per day $ 454 $ 441 $ 13 2.9 Poker rake $ 10,904 $ 11,072 $ (168) (1.5) 38 Table of Contents Non-casino revenues The table below sets forth our room revenues and associated key operating measures: Six Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change Macau Operations: Wynn Palace: Total room revenues (dollars in thousands) $ 73,822 $ 75,096 $ (1,274) (1.7) Occupancy 99.0 % 98.5 % 0.5 ADR $ 224 $ 227 $ (3) (1.3) REVPAR $ 222 $ 224 $ (2) (0.9) Wynn Macau: Total room revenues (dollars in thousands) $ 42,227 $ 45,039 $ (2,812) (6.2) Occupancy 99.5 % 99.2 % 0.3 ADR $ 216 $ 225 $ (9) (4.0) REVPAR $ 215 $ 223 $ (8) (3.6) Las Vegas Operations: Total room revenues (dollars in thousands) $ 420,693 $ 403,849 $ 16,844 4.2 Occupancy 86.3 % 88.3 % (2.0) ADR $ 583 $ 538 $ 45 8.4 REVPAR $ 504 $ 475 $ 29 6.1 Encore Boston Harbor: Total room revenues (dollars in thousands) $ 43,942 $ 41,590 $ 2,352 5.7 Occupancy 89.3 % 90.5 % (1.2) ADR $ 407 $ 382 $ 25 6.5 REVPAR $ 363 $ 346 $ 17 4.9 Room revenues increased $15.1 million primarily due to higher ADR at our Las Vegas Operations. Food and beverage revenues increased $12.4 million, primarily due to incremental revenue from new outlets at our Las Vegas Operations during the six months ended June 30, 2026. Entertainment, retail and other revenues decreased $12.3 million, primarily as a result of lower entertainment venue sales at our Las Vegas Operations. 39 Table of Contents Operating expenses The table below presents operating expenses (dollars in thousands): Six Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change Operating expenses: Casino $ 1,454,054 $ 1,277,941 $ 176,113 13.8 Rooms 178,360 170,139 8,221 4.8 Food and beverage 465,464 425,067 40,397 9.5 Entertainment, retail and other 111,103 120,227 (9,124) (7.6) General and administrative 545,319 556,504 (11,185) (2.0) Provision for credit losses 10,987 4,749 6,238 NM Pre-opening 20,977 16,573 4,404 26.6 Depreciation and amortization 325,948 308,328 17,620 5.7 Property charges and other 21,291 25,477 (4,186) (16.4) Total operating expenses $ 3,133,503 $ 2,905,005 $ 228,498 7.9 NM - Not meaningful. The increase in total operating expenses was primarily due to an increase in casino expense at our Macau Operations, largely driven by an increase in gaming tax expense, and an increase in food and beverage expense at our Las Vegas Operations and our Macau Operations. Casino expense increased $142.9 million and $17.2 million at Wynn Palace and Wynn Macau, respectively, which includes increases of $120.6 million and $7.7 million, respectively, in gaming tax expense driven by an increase in casino revenue. Food and beverage expense increased $25.7 million at our Las Vegas Operations, primarily due to costs associated with new food and beverage offerings, and $14.2 million at our Macau Operations largely due to higher cost of sales. Entertainment, retail and other expense decreased $7.3 million at our Las Vegas Operations due to a reduction in entertainment venue offerings. Depreciation and amortization expense increased $17.6 million, which includes increases across all of our properties, resulting from enhancements to our properties and maintenance capital expenditures. Property charges and other expenses for the six months ended June 30, 2026 consisted primarily of $8.3 million and $5.2 million of asset abandonments and disposals at our Las Vegas Operations and our Macau Operations, respectively, and $3.3 million of contract terminations and other expenses at our Macau Operations. Property charges and other expenses for the six months ended June 30, 2025 consisted primarily of $6.6 million and $5.8 million of contract terminations and other expenses at our Las Vegas Operations and Encore Boston Harbor, respectively, and $7.1 million and $2.6 million of asset abandonments and disposals at our Macau Operations and Corporate and other, respectively. 40 Table of Contents Other non-operating income and expenses Interest expense, net of amounts capitalized, decreased $7.6 million. We capitalized interest of $34.9 million and $21.2 million in the six months ended June 30, 2026 and 2025, respectively. Interest expense, exclusive of capitalized interest, increased $6.1 million, primarily due to an increase in the weighted average interest rate from 6.08% for the six months ended June 30, 2025 to 6.18% for the six months ended June 30, 2026. We recorded interest income of $25.9 million and $35.2 million in the six months ended June 30, 2026 and 2025, respectively, primarily related to interest earned on cash and cash equivalents held at financial institutions. We incurred a foreign currency remeasurement loss of $32.2 million and $44.5 million for the six months ended June 30, 2026 and 2025, respectively. The impact of the exchange rate fluctuation of the Macau pataca, in relation to the U.S. dollar, on the remeasurements of U.S. dollar denominated debt and other obligations from our Macau-related entities primarily drove the variability between periods. We recorded a gain of $90.1 million for the six months ended June 30, 2026, from change in derivatives fair value, which primarily includes a gain of $57.6 million related to foreign currency swaps and a gain of $30.6 million related to the conversion feature on the WML Convertible Bonds. We recorded a loss of $30.7 million from changes in derivatives fair value for the six months ended June 30, 2025, which includes a loss of $10.0 million related to the conversion feature on the WML Convertible Bonds and a loss of $14.6 million related to foreign currency swaps. We recorded a $1.1 million loss on debt financing transactions for the six months ended June 30, 2025 related to the amendment of the WRF credit facility. Income taxes We recorded income tax expense of $26.3 million and $21.6 million for the six months ended June 30, 2026 and 2025, respectively. The increase in income tax expense for the six months ended June 30, 2026 primarily relates to U.S.-based operating profits. Net income attributable to noncontrolling interests We recognized net income attributable to noncontrolling interests of $72.6 million for the six months ended June 30, 2026, primarily related to the noncontrolling interests' share of net income from WML. We recognized net income attributable to noncontrolling interests of $19.4 million for the six months ended June 30, 2025, primarily related to the noncontrolling interest's share of net income in the Retail Joint Venture. 41 Table of Contents Segment Information As further described in Item 1—"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information," we use Adjusted Property EBITDAR to manage the operating results of our segments. Adjusted Property EBITDAR is net income before interest, income taxes, depreciation and amortization, pre-opening expenses, property charges and other expenses, triple-net operating lease rent expense related to Encore Boston Harbor, management and license fees, corporate expenses and other expenses (including intercompany golf course, meeting and convention, and water rights leases), stock-based compensation, change in derivatives fair value, loss on debt financing transactions and other non-operating income and expenses. Adjusted Property EBITDAR is presented exclusively as a supplemental disclosure because management believes that it is widely used to measure the performance, and as a basis for valuation, of gaming companies. Management uses Adjusted Property EBITDAR as a measure of the operating performance of its segments and to compare the operating performance of its properties with those of its competitors, as well as a basis for determining certain incentive compensation. We also present Adjusted Property EBITDAR because it is used by some investors to measure a company's ability to incur and service debt, make capital expenditures and meet working capital requirements. Gaming companies have historically reported EBITDAR as a supplement to GAAP. In order to view the operations of their casinos on a more stand-alone basis, gaming companies, including us, have historically excluded from their EBITDAR calculations pre-opening expenses, property charges, corporate expenses and stock-based compensation, that do not relate to the management of specific casino properties. However, Adjusted Property EBITDAR should not be considered as an alternative to operating income as an indicator of our performance, as an alternative to cash flows from operating activities as a measure of liquidity, or as an alternative to any other measure determined in accordance with GAAP. Unlike net income, Adjusted Property EBITDAR does not include depreciation or interest expense and therefore does not reflect current or future capital expenditures or the cost of capital. We have significant uses of cash flows, including capital expenditures, triple-net operating lease rent expense related to Encore Boston Harbor, interest payments, debt principal repayments, income taxes and other non-recurring charges, which are not reflected in Adjusted Property EBITDAR. Also, our calculation of Adjusted Property EBITDAR may be different from the calculation methods used by other companies and, therefore, comparability may be limited. The following table summarizes Adjusted Property EBITDAR (dollars in thousands) for Wynn Palace, Wynn Macau, Las Vegas Operations and Encore Boston Harbor, as reviewed by management and summarized in Item 1—"Notes to Condensed Consolidated Financial Statements," Note 17, "Segment Information." That footnote also presents a reconciliation of Adjusted Property EBITDAR to net income attributable to Wynn Resorts, Limited. Three Months Ended June 30, Six Months Ended June 30, 2026 2025 Increase/ (Decrease) Percent Change 2026 2025 Increase/ (Decrease) Percent Change Wynn Palace $ 201,488 $ 157,206 $ 44,282 28.2 $ 405,310 $ 319,091 $ 86,219 27.0 Wynn Macau 95,511 96,510 (999) (1.0) 171,127 186,709 (15,582) (8.3) Las Vegas Operations 215,226 234,812 (19,586) (8.3) 447,686 458,173 (10,487) (2.3) Encore Boston Harbor 56,084 63,859 (7,775) (12.2) 106,603 121,313 (14,710) (12.1) Adjusted Property EBITDAR at Wynn Palace increased $44.3 million and $86.2 million for the three and six months ended June 30, 2026, respectively, largely from an increase in casino revenue partially offset by increased casino expense, inclusive of gaming taxes. Adjusted Property EBITDAR at Wynn Macau for the three months ended June 30, 2026 was relatively consistent with the three months ended June 30, 2025. Adjusted Property EBITDAR at Wynn Macau decreased $15.6 million for the six months ended June 30, 2026, primarily due to an increase in casino expense, inclusive of gaming taxes. Adjusted Property EBITDAR at our Las Vegas Operations for the three and six months ended June 30, 2026 decreased $19.6 million and $10.5 million, respectively, due to increased operating expenses, partially offset by increased operating revenues. Adjusted Property EBITDAR at Encore Boston Harbor decreased $7.8 million and $14.7 million for the three and six months ended June 30, 2026, respectively, primarily due to a decrease in operating revenues of $6.4 million and $10.0 million, respectively. Refer to the discussions above regarding the specific details of our results of operations. 42 Table of Contents Liquidity and Capital Resources Our cash flows were as follows (in thousands): Six Months Ended June 30, Cash Flows - Summary 2026 2025 Cash flows from operating activities $ 645,380 $ 538,836 Cash flows from investing activities: Capital expenditures, net of construction payables and retention (332,087) (325,197) Investments in unconsolidated affiliates (178,569) (130,642) Purchase of investments (57,065) — Proceeds from maturity of investments 140,453 — Purchase of intangible and other assets — (450) Proceeds from sale of assets and other 8,380 253 Net cash used in investing activities (418,888) (456,036) Cash flows from financing activities: Proceeds from issuance of long-term debt 200,000 752,812 Repayments of long-term debt — (763,125) Repurchase of common stock (165,539) (377,645) Proceeds from exercise of stock options 883 154 Distribution to noncontrolling interests (15,918) (12,324) Dividends paid (95,016) (88,290) Finance lease payments (13,727) (12,694) Payments for financing costs — (5,732) Other (25,809) (9,142) Net cash used in financing activities (115,126) (515,986) Effect of exchange rate on cash, cash equivalents and restricted cash (4,067) (8,579) Increase (decrease) in cash, cash equivalents and restricted cash $ 107,299 $ (441,765) Operating Activities Our operating cash flows primarily consist of operating income (excluding depreciation and amortization and other non-cash charges), interest paid and earned, and changes in working capital accounts such as receivables, inventories, prepaid expenses, and payables. Our table games play is a mix of cash play and credit play, while our slot machine play is conducted primarily on a cash basis. A significant portion of our table games revenue is attributable to the play of a limited number of premium customers who gamble on credit. The ability to collect these gaming receivables may impact our operating cash flow for the period. Our rooms, food and beverage, and entertainment, retail and other revenue is conducted on a cash and credit basis. Accordingly, operating cash flows will be impacted by changes in operating income and accounts receivable, net. During the six months ended June 30, 2026, the increase in cash flows from operating activities was largely driven by increased gaming revenue of $245.0 million at our Macau Operations as a result of higher mass market gaming volumes and $26.8 million at our Las Vegas Operations due to higher table games win, partially offset by commensurate increases in operating expenses. 43 Table of Contents Investing Activities Our investing activities primarily consist of project capital expenditures and maintenance capital expenditures associated with maintaining and continually refining our world-class integrated resort properties. During the six months ended June 30, 2026, we incurred capital expenditures of $174.9 million at our Las Vegas Operations, $84.4 million at Wynn Palace, $60.5 million at Wynn Macau, and $7.1 million at Encore Boston Harbor, primarily related to enhancements at our properties and maintenance capital expenditures, and $5.3 million at Corporate and other. In addition, during the six months ended June 30, 2026, we invested $178.6 million, including $148.2 million of cash contributions, in the Al Marjan Joint Venture, purchased $57.1 million of U.S. treasuries and received proceeds of $140.5 million upon the maturity of investments. During the six months ended June 30, 2025, we incurred capital expenditures of $106.1 million at our Las Vegas Operations, $105.4 million at Wynn Palace, $30.2 million at Wynn Macau, and $11.5 million at Encore Boston Harbor, primarily related to enhancements at our properties and maintenance capital expenditures, and $72.0 million at Corporate and other primarily related to future development projects. In addition, during the six months ended June 30, 2025, we invested $121.1 million, including $109.5 million of cash contributions, in the Al Marjan Joint Venture. Financing Activities During the six months ended June 30, 2026, we borrowed $200.0 million under the WRF Revolver. In addition, we repurchased 1,574,289 shares of our common stock for an aggregate cost of $165.5 million, including 1,269,765 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $128.8 million. We also made dividend payments of $95.0 million, finance lease payments of $13.7 million, and used cash of $15.9 million for distributions to noncontrolling interest holders of the Retail Joint Venture. During the six months ended June 30, 2025, we received net proceeds of $752.8 million from the issuance of the WRF Term Loan due 2030 and repaid $763.1 million of aggregate principal amounts outstanding under the WRF Term Loan due 2027. In addition, during the six months ended June 30, 2025, we repurchased 4,557,009 shares of our common stock for an aggregate cost of $377.6 million, including 4,364,612 shares of our common stock repurchased pursuant to our publicly announced equity repurchase program for an aggregate cost of $358.1 million. We also made dividend payments of $88.3 million, finance lease payments of $12.7 million, and used cash of $12.3 million for distributions to noncontrolling interest holders of the Retail Joint Venture. 44 Table of Contents Capital Resources The following table summarizes our unrestricted cash and cash equivalents, investments and available revolver borrowing capacity, presented by significant financing entity as of June 30, 2026 (in thousands): Total Cash and Cash Equivalents Investments(1) Revolver Borrowing Capacity Wynn Macau, Limited and subsidiaries $ 944,779 $ 527,370 $ 1,346,487 Wynn Resorts Finance, LLC(2) 393,369 — 1,033,710 Wynn Resorts, Limited and other 235,205 — — Total $ 1,573,353 $ 527,370 $ 2,380,197 (1) Investments consist of U.S. treasuries and fixed deposits maturing in less than one year and exclude long-term investments of $60.4 million. (2) Excluding Wynn Macau, Limited and subsidiaries. Wynn Macau, Limited and subsidiaries. WML generates cash from our Macau Operations and may utilize proceeds from the WM Cayman II Revolver as needed. We expect to use this cash to service our WML Senior Notes, WM Cayman II Revolver, and WML Convertible Bonds, to pay dividends to shareholders of WML (of which we own approximately 72%), and to fund working capital and capital expenditure requirements at WML and our Macau Operations. We are constructing the Enclave at Wynn Palace, a 432-key, all-suite hotel tower to be developed adjacent to Wynn Palace’s east entrance. The estimated project budget for the Enclave at Wynn Palace is between $900 million and $950 million, inclusive of capitalized interest. Construction is expected to begin in the second half of 2026 and span 2.5 years. Total project capital expenditures for the Enclave at Wynn Palace and other enhancements at our Macau Operations are expected to be between $350 million and $400 million during 2026 and between $750 million and $800 million during 2027. Maintenance capital expenditures at our Macau Operations are expected to be between $70 million and $80 million during 2026. WML is a holding company and, as a result, its ability to pay dividends to WRF is dependent on WML receiving distributions from its subsidiaries. WML, as guarantor under the WM Cayman II Revolver facility agreement, may be subject to certain restrictions on payments of dividends or distributions to its shareholders, unless certain financial criteria have been satisfied. The WM Cayman II Revolver facility agreement contains representations, warranties, covenants and events of default customary for similar financings, including, but not limited to, restrictions on indebtedness to be incurred by WM Cayman II or its subsidiaries. On June 16, 2026, WML paid a cash dividend of HK$0.223 per share on its common stock for a total U.S. dollar equivalent of approximately $149.8 million in respect of the year ended December 31, 2025. Our share of this dividend was $106.7 million. If our portion of cash available for repatriation was repatriated on June 30, 2026, it would be subject to minimal U.S. taxes. Wynn Resorts Finance, LLC and subsidiaries. Wynn Resorts Finance, LLC ("WRF" or "Wynn Resorts Finance") generates cash from distributions from its subsidiaries, which include our Macau Operations, Wynn Las Vegas, and Encore Boston Harbor, and capital contributions from Wynn Resorts, as required. In addition, WRF may utilize its available revolving borrowing capacity as needed. We expect to use this cash to service our WRF Credit Facilities and the WRF Senior Notes, to pay dividends or distributions to Wynn Resorts, and to fund working capital and capital expenditure requirements as needed. We expect to make estimated project capital expenditures between $350 million and $375 million during 2026 and between $175 million and $200 million during 2027 related to enhancements at our Las Vegas Operations. We expect to make total maintenance capital expenditures at our Las Vegas Operations and Encore Boston Harbor between $90 million and $115 million, on a combined basis, during 2026. WRF is a holding company and, as a result, its ability to pay dividends or distributions to Wynn Resorts is dependent on WRF receiving distributions from its subsidiaries. The WRF Credit Agreement contains customary negative and financial covenants, including, but not limited to, covenants that restrict WRF's ability to pay dividends or distributions and incur additional indebtedness. 45 Table of Contents Wynn Resorts, Limited and other subsidiaries. Wynn Resorts, Limited is a holding company and, as a result, our ability to pay dividends is dependent on our ability to obtain funds and our subsidiaries' ability to provide funds to us. Wynn Resorts, Limited primarily generates cash from royalty (including intellectual property license) and management agreements with our resorts, dividends and distributions from our subsidiaries, and the operations of the Retail Joint Venture of which we own 50.1%. Fees payable by Wynn Macau SA to Wynn Resorts, Limited under its intellectual property license agreement are capped at $150.0 million for the year ending December 31, 2026. We expect to use cash held by Wynn Resorts, Limited and other to service our Retail Term Loan, to fund working capital needs of our subsidiaries, pay dividends, make required capital contributions to the Al Marjan Joint Venture, and for general corporate purposes. During the second quarter of 2026, the Company contributed $48.1 million of cash into Wynn Al Marjan Island and Janu Al Marjan Island, a hotel and residential development operated by Aman Group, bringing our life-to-date cash contributions to $1.06 billion. We estimate our remaining 40% pro-rata share of the required equity for the development projects is between $525 million and $650 million, inclusive of capitalized interest and fees. Wynn Al Marjan Island is currently expected to open in September 2027 and Janu Al Marjan Island is expected to open in 2029. The Company paid a cash dividend of $0.25 per share on its common stock in the quarters ended March 31, 2026 and June 30, 2026 and recorded $26.1 million and $25.8 million, respectively, against accumulated deficit. On August 4, 2026, the Company announced that its Board of Directors declared a cash dividend of $0.25 per share, payable on August 28, 2026 to stockholders of record as of August 14, 2026. Other Factors Affecting Liquidity We may refinance all or a portion of our indebtedness on or before maturity. We cannot assure you that we will be able to refinance any of the indebtedness on acceptable terms or at all. Legal proceedings in which we are involved also may impact our liquidity. No assurance can be provided as to the outcome of such proceedings. In addition, litigation inherently involves significant costs. For information regarding legal proceedings, see Note 15, "Commitments and Contingencies." In November 2024, the Company's Board of Directors authorized the Company to repurchase a total of up to $1.0 billion of the Company's outstanding shares of common stock, increasing the previously available repurchase authorization by approximately $766 million. The equity repurchase program authorizes discretionary repurchases by the Company from time to time through open market purchases, including pursuant to plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, privately negotiated transactions, accelerated share repurchases, or block trades, subject to market conditions, applicable legal requirements and other factors. The repurchase authorization has no expiration date, and the equity repurchase program may be suspended, discontinued or accelerated at any time. As of June 30, 2026, we had $326.1 million in repurchase authority remaining under the program. We have in the past repurchased, and in the future, we may periodically consider repurchasing our outstanding notes for cash. The amount of any shares and/or notes to be repurchased, as well as the timing of any repurchases, will be based on business, market and other conditions and factors, including price, contractual requirements or consents, and capital availability. New business developments or other unforeseen events may occur, resulting in the need to raise additional funds. We continue to explore opportunities to develop additional gaming or related businesses in domestic and international markets. There can be no assurances regarding the business prospects with respect to any other opportunity. Any new development may require us to obtain additional financing. We may decide to conduct any such development through Wynn Resorts, Limited or through subsidiaries separate from the Las Vegas, Boston or Macau-related entities. 46 Table of Contents Contractual Commitments In July 2026, Palo Real Estate Company Limited ("Palo") and Wynn Macau SA, each an indirect subsidiary of the Company, accepted the terms and conditions of an amended and restated land concession contract from the Macau government (the "Amended Land Concession Contract"). The Amended Land Concession Contract permits Palo and Wynn Macau SA to expand Wynn Palace to develop a new five-star hotel, a theater and an event and entertainment center on the Cotai Land (the "Expanded Resort"). The Macau government has allocated Palo a maximum of 60 months from the date of publication of the Amended Land Concession Contract to complete development of the Expanded Resort on the Cotai Land. As acceptance of the conditions of the Amended Land Concession Contract, Palo paid an additional land premium of MOP652.3 million (approximately $80.8 million) as a one-time lump sum payment. Palo is also required to pay an additional annual rent to the Macau government. For additional information, refer to Note 15, "Commitments and Contingencies" of Part I in this Quarterly Report on Form 10-Q. Off Balance Sheet Arrangements A subsidiary of Island 3 is party to a facility agreement which provides a $2.4 billion (or equivalent in local currency) delayed draw secured term loan facility to finance the development of Wynn Al Marjan Island (the "Al Marjan Facility"). The Company is not a party to the Al Marjan Facility agreement, but as a condition precedent to the Al Marjan Facility being made available to the Borrower, the Company and the government of Ras Al Khaimah entered into a completion guarantee agreement in favor of certain secured parties under the Al Marjan Facility agreement. Additionally, the Company and certain partners in the Al Marjan Joint Venture entered into a completion guarantee, pursuant to which the Company may be required to fund shortfalls necessary to achieve practical completion of a district cooling plant serving Wynn Al Marjan Island. For additional information, refer to Note 15, "Commitments and Contingencies" of Part I in this Quarterly Report on Form 10-Q. Critical Accounting Policies and Estimates A description of our critical accounting policies is included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025. There have been no significant changes to these policies for the six months ended June 30, 2026. Recently Adopted Accounting Standards and Accounting Standards Issued But Not Yet Adopted See related disclosure in Note 2, "Basis of Presentation and Significant Accounting Policies" of Part I in this Quarterly Report on Form 10-Q.